Shanghai's shopping festival attracts consumers and brands

Shanghai launched its fourth May 5 Shopping Festival on April 29 with the aim of stimulating consumption and highlighting its role as an international consumption center.

The festival was first initiated by Shanghai in 2020 as a response to the impact the COVID-19 pandemic had on the consumption market. The festival has since become a key means for Shanghai to boost consumption and economic growth.

Each year, the festival hosts over 1,000 activities and involves more than 500,000 online businesses and over 100,000 offline businesses.

According to official statistics, the festival boosted consumption in Shanghai by 24.8 percent in 2020 and 7.65 percent in 2021.

The festival also highlights the "first-launch economy" in Shanghai, which is aiming to become a global destination for shopping and a trendsetter for international consumption. More than 300 domestic and foreign brands debuted new products at the first festival. The second edition saw more than 100 international brands and more than 400 local brands launching new products.

Despite the pandemic, 1,073 new first stores of international and domestic brands were opened in Shanghai in 2022. In the first two months of this year, the city added another 181 first stores.

The festival is also a platform for Shanghai to better serve the country and cooperate with other cities. The Ministry of Commerce has been launching the International Consumption Season in conjunction with Shanghai's May 5 Shopping Festival since 2022.